Crude oil futures ended higher on Thursday as traders bet on higher crude demand after a report said China told state-owned energy companies to build their reserves to meet power needs for the winter. China told top state-owned energy companies to secure winter supplies at all costs, with the order coming directly from Vice Premier Han Zheng during a meeting earlier this week with officials from Beijing’s state-owned assets regulator and economic planning agency. Besides, oil prices also found support on reports that Citigroup expects oil balances to be in a 1.5 million-barrel-per-day deficit on average over the next six months, even with continued supply increases.
Benchmark Crude oil futures for November delivery rose $0.20 or 0.3 percent to settle at $75.03 barrel on the New York Mercantile Exchange. However, Brent crude for November delivery lost $0.12 or 0.20 percent to settle at $78.52 a barrel on London's Intercontinental Exchange.